Citibank, GSK put flats on sale in Mumbai's posche Altamount road

NEW DELHI:Citibank and GlaxoSmithKline have put up for sale an apartment block the two firms own on Mumbai's Altamount Road, where some of India's richest businessmen such as Mukesh Ambani and Kumar Mangalam Birla reside.

The Khursheedabad Building, built on about a third of an acre next to Ambani's 24-storey Antilla and opposite Washington House that the US Embassy recently sold to Lodha Developers, has six apartments. Of these, the US-based bank owns five while one is owned by the British healthcare company.

The building has a market value of about 150 crore, said executives who were familiar with the matter but not authorised to make an official statement.

Citibank declined to comment. GSK and property advisory firm CBRE, which is structuring the transaction, did not respond to emails. The ground plus two-storied structure has a total built up area of 14,800 sq. ft that includes a basement and has been used by the two companies over the years to house their mid to senior level executives.

Nanoo Pamnani, who is on the advisory board of BMR Advisors, stayed in one of the apartments here in the '80s and '90s before he became the chief executive officer of Citibank India in 1999 and later its chairman.

Citibank and a number of other companies such as Hindustan Unilever, GSK, Bank of America, Standard Chartered and HSBC own apartments in prime locations of the city.